MI HB4285

Prohibits the Department of Natural Resources from entering into contracts allowing drilling operations beneath Great Lakes lake bottomlands, connected bays, harbors, or connecting waterways for oil or gas exploration or production.

Requires all revenues from timber sales on state-owned land to be forwarded to the state treasurer for deposit into a new "payment in lieu of taxes reimbursement fund" until such payments are paid in full for any given year.

Creates the "payment in lieu of taxes reimbursement fund" within the state treasury to be administered by the Department of Natural Resources, with funds remaining in the account at fiscal year-end rather than lapsing to the general fund.

Allows money from the fund to be expended only for payments in lieu of taxes under the relevant subpart until those payments are made in full; once fully paid, remaining fund money may be used for any purpose authorized by law.

Authorizes the state treasurer to receive money from any source for deposit into the fund and to direct its investment, with interest and earnings credited back to the fund.